TikTok CEO to relinquish CFO role at parent ByteDance

TikTok CEO to relinquish CFO role at parent ByteDance

The chief financial officer of TikTok parent company ByteDance will step down to focus his attention full time on running the popular video-sharing app, according to an internal memo sent to employees on Monday.

ByteDance CFO Shou Zi Chew joined ByteDance in March and was appointed TikTok's chief executive in April.

The shift is part of a broader reorganization that will create six business units within TikTok's parent company, ByteDance Chief Executive Liang Rubo said in the memo, reported earlier by Reuters. The new structure will include TikTok, Douyin, work collaboration unit Lark, business services unit BytePlus, gaming unit Nuverse and education tech unit Dali.

ByteDance declined to comment on the memo.

Chew became TikTok's CEO in April, eight months after the resignation of Kevin Mayer, its previous chief executive. Mayer, who helped launch the popular Disney Plus streaming service, resigned after a turbulent year for TikTok. In his resignation letter after three months at TikTok's helm, Mayer cited as a reason for his departure then-US President Donald Trump's threat to ban TikTok unless it was sold to a US-based company.

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Better.com's CEO lays off hundreds of employees over Zoom

Better.com's CEO lays off hundreds of employees over Zoom

The chief executive of digital mortgage lender Better.com informed 900 employees last week they were being laid off just weeks before the holidays during a mass Zoom meeting.

"If you're on this call, you are part of the unlucky group that is being laid off," Better.com CEO Vishal Garg said Wednesday on the call, a recording of which has since circulated on TikTok and YouTube. "Your employment here is terminated effective immediately."

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The layoffs came just days after the New York-based startup received a $750 million cash infusion from Softbank ahead of plans to go public through a special purpose acquisition company.

During the call, Garg cited market efficiency, performance and productivity as among the reasons for the layoffs, which affected about 9% of the company's workforce.

"This isn't news you're gonna wanna hear, but ultimately it was my decision and I wanted you to hear it from me," Garg said during the meeting. "The last time I did this, I cried. This time, I hope to be stronger."

Garg also accused the laid-off employees of "stealing" from their colleagues and customers by being unproductive.

Garg has served as Better.com's CEO since founding the company in 2014. His management technique can sometimes be harsh, as evidenced by an email he to employees that was obtained by Forbes.

"You are TOO DAMN SLOW. You are a bunch of DUMB DOLPHINS... SO STOP IT. STOP IT. STOP IT RIGHT NOW. YOU ARE EMBARRASSING ME," he wrote.

Better.com didn't immediately respond to a request for comment.

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Instagram Head Adam Mosseri Moving to London

Instagram Head Adam Mosseri Moving to London

Instagram boss Adam Mosseri is set to move to London later this year as part of his ongoing fight to keep the social network thriving in an increasingly competitive marketplace. The move is partly due to Mosseri's personal desire to relocate to the British capital, the Financial Times first reported.

With the move, which will be not be permanent, Mosseri will also oversee the Instagram team from parent company Meta's new Kings Cross headquarters. The UK is already home to a number of Instagram teams, and the company could be looking to take advantage of the city's cheaper cost of labor compared with Silicon Valley, following its first-ever drop in revenue.

"Given the global nature of his role, Adam will be temporarily based out of London later this year," said a spokesperson for Meta. "London is already Meta's largest engineering hub outside of the US, with over 4,000 employees across our offices, including a dedicated Instagram product team with people focused on building long term solutions for creators."

The company is struggling to define its strategy amid competition from rival app TikTok. Last week Mosseri put out a video defending changes to the app, which included a greater focus on video content and testing a full-screen home feed, only to his reverse his decision to keep the changes days later. Instagram is working to shore up its stable of high-profile influencers, but the changes received backlash from two of the app's top 10 most-followed users, Kim Kardashian and Kylie Jenner.

Mosseri has worked for Meta since 2008, and became head of Instagram in 2018 following the departure of the app's co-founders from the company. In December 2021 he testified before Congress about safety, after pausing the development of Instagram Kids earlier in the year.

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